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TLDR:
Solaris, a Berlin-based Banking-as-a-Service fintech, has secured €96 million in Series F funding round led by SBI Group. The funds will be used to onboard the ADAC credit card program and invest in platform resilience. This financing round highlights Solaris’ commitment to product offerings and regulatory compliance.
In December 2022, Solaris refreshed its management board, and this new funding comes less than a year after securing €38 million in the first close of its Series F round.
Article Summary
Germany’s Solaris, a Banking-as-a-Service fintech, has successfully raised €96 million in a Series F funding round, led by SBI Group and other previous investors. Along with the funding, Solaris has also secured a financial guarantee of up to €100 million capital equivalent. The fintech plans to utilize the new funds to onboard the ADAC credit card program and further invest in the resilience of its platform. This funding follows reports from last year that Solaris was struggling to raise the funds needed to fulfill the deal with ADAC.
Carsten Höltkemeyer, the CEO of Solaris, emphasized that this financing round showcases the company’s dedication to enhancing its product offerings and prioritizing regulatory compliance as its unique selling point. The company, founded in 2015, enables businesses to offer financial services to customers through API integrations and currently employs over 750 staff spread across 10 locations in Europe and India.
The funding news is especially significant as it comes shortly after Solaris secured €38 million in the first close of its Series F round in the previous year. This successful fundraising round underscores Solaris’ commitment to growth, innovation, and staying ahead of the curve in the fintech industry.
